Billionaire Cyrus Poonawalla, who bought a $120-million mansion in Mumbai, has waited eight years to move into the property. The sale has been put on hold by the Indian government because of a dispute over the ownership of the land where the property is located.
The healthcare tycoon bought the Lincoln House from the US government that housed the US consulate in the property for more than half a century, as per a Bloomberg report. The property, a 2-acre plot, is located in Breach Candy.
The deal, which was the most expensive residential deal at the time, has been halted by the Indian government because it is unclear whose land it is on – both Maharashtra government and the defence ministry have claimed ownership of the plot.
In an interview in Dubai, Poonawalla said that the government has not provided any rationale for holding the sale but his understanding is that they don’t want the huge amount of $120 million to go to the US.
The sale of the grand property has been a source of tension between New Delhi and Washington, the report added. Former US Secretary of State Mike Pompeo had also lamented the situation.
Both Maharashtra government and the defence ministry have declined to comment on the sale.
US embassy spokesperson Christopher Elms said that the US government and the Indian government are working to reach a satisfactory agreement to complete the lease transfer.
Lincoln House was built in 1938 by the Maharajah of Wankaner and sold to the US government in 1957 on a 999-year lease. The consulate moved to the Bandra-Kurla Complex in 20q4 and put up the property for sale. Poonawalla bought it the following year.
Cyrus Poonawall, 81, who owns Serum Institute of India, lives in Pune. During the pandemic, the company became a key supplier and producer of COVID-19 vaccines by mass producing AstraZeneca and Oxford, and the Novovax inoculations.
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